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Level Finance Crypto Exchange Loses $1 Million Due to Security Breach

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ByMarcel Bich

Jun 26, 2023
Crypto Exchange Loses $1M in Security Breach
Marcel Bich
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Criminals were able to steal more than $1 million in Level Finance’s native token exchange (LVL) due to a security issue with the decentralized exchange (DEX) the company uses.

The cryptocurrency site informed its users that more than 214,000 LVL were removed from the exchange and converted for 3,345 Binance Coin (BNB) coins, which are worth over $1 million. The LevelReferralControllerV2 smart contract on the network included a problem, according to blockchain security firm Peckshield. Sending referral requests repeatedly was made possible.

DeDotFiSecurity says that the referral scheme has now been discontinued, and the exploit has been blocked.

Fraudsters are Targeting Exchanges

The past month has seen hacks on a number of crypto exchanges. SushiSwap, a decentralized exchange, suffered a loss of more than $3.3 million at the beginning of April due to an exploit. As a result, the RouteProcessor2 smart contract, which is used to route trades, has a vulnerability.

Later, the South Korean exchange Gdac was attacked and lost nearly $13 million, or about 23% of its assets. From Gdac’s hot wallet, unidentified attackers sent cryptocurrency to an arbitrary address. A few days later, the Singapore-based cryptocurrency exchange said that the hot wallet attack had cost it approximately $23 million. 5 percent of the platform’s total money was in the compromised wallet.

A cyberattack also hit KuCoin, another significant exchange. The platform lost $22,600 when an unidentified hacker gained access to its Twitter account. In the exchange as a result of the hacker attack, a total of 22 transactions linked to fraudulent links were documented.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.